Iran: OPEC Committee Tried To Redistribute Oil Quotas

Iran is calling out the joint OPEC/non-OPEC committee tasked with monitoring the collective production deal, saying that the committee tried to redistribute oil production quotas among some OPEC members or tried to handover compliance at some OPEC members over to non-OPEC participants in the deal. At its meeting on July 18, the Joint Ministerial Monitoring Committee (JMMC) composed of six members of the oil production pact from both OPEC and non-OPEC countries, was tasked to monitor—as usual—the implementation of the production deal, Iran’s Oil Minister Bijan Zanganeh said in a letter to the UAE Energy Minister and current OPEC president Suhail Al Mazrouei. “To our dismay we witnessed that some members attempted to redistribute over-conformity in production adjustment level among themselves, and attempts to hand over OPEC countries’ over-conformity to non-OPEC countries,” Zanganeh said in the letter, whose copy was carried by Iran’s oil ministry’s news service Shana. “This […]